CPF rates to stay at 2.5% until March 2012

Singaporeans and Permanent Residents will continue to receive 2.5 per cent interest on their Central Provident Fund (CPF) Ordinary Account savings for the first three months of 2012. -- ST PHOTO: CAROLINE CHIA Singaporeans and Permanent Residents will continue to receive 2.5 per cent interest on their Central Provident Fund (CPF) Ordinary Account savings for the first three months next year. From Jan 1 to Mar 31, 2012, CPF members will also be paid an extra 1 per cent interest on the first $60,000 of a member's combined balances, with up to $20,000 from the Ordinary Account. The computed CPF interest rate is derived from the major local banks' interest rates for the three-month period, Aug 1 to Oct 31, 2011, which works out to 0.31 per cent per annum. However, members will receive the higher rate of 2.5 per cent as legislated by the CPF Act. In addition, the concessionary ...